Start
trading

Main >
Analytics
>
Fresh forecast
>
Forex Technical Analysis: Trend potential
>
Australian Index False Breakout

Australian Index False Breakout | 23 June 2017

Long German Stock index above 12416.0 towards 13000.0

Australian Index False Breakout

Technical Observation

The German Stock Index is still struggling to hit the daily support line 12416.0. During this week, I expect a decline towards 12416 from where I've placed a pending buy limit order with my Stop loss below the recently lowest low 12209.0 and TP at 15000. The previous week's candle is an indecision candle which could mean lack of decision to continue both ways. That said, I expect consolidations above 12416 until a clear bullish candle shows up or if the line 12416.0 is clearly breached to the lower side with a big red candle.
Technical levels:

Resistance levels
R1: 12416.1
R2: 10775.2

Support Levels

S1: 8970.1
S2: 5810.2

Trade Signal

Flat

Short Silver towards 16.8

Australian Index False Breakout

Technical Observation

For the past two weeks, Silver has declined in price despite our expectations to rise towards 18.61. This week, I expect further decline towards the short term support line 16.81 and a possible breakout to the lower side. If this should be the case, then I'll wait for a pullback to the just broken line to continue short towards 14.40.  Alternative, If price should rise, then 18.61 will be the place to place a pending sell limit order. 

Technical levels:

Resistance levels
R1: 22.01
R2: 24.84
Support Levels
S1: 16.01
S2: 14.40

Trade Signal
Short Silver towards 16.81
Short  ASX towards 5692.5
Australian Index False Breakout
Technical Observation
Recently, false breakout was seen when the Australian index broke out below  5692.5 but failed to sustain this breakout. Instead, this index rose above 5692.5 and towards a major resistance trend line. Unless there's a clear bullish breach above this trend line, I still  expect a possible rejection from this trend line to short this index towards 5692.5. A break below this support will lead to further downward movements probably towards 5374.3. Alternatively, conservative traders should wait for a clear breakout below 5692.3 to short ASX towards 5374.

Technical levels:

Resistance levels
R1: 6001.1
R2: 5496.2

Support Levels
S2: 5692.3.
S3: 5374.3
Trade Signal
 
Short ASX towards 5692.3. A breakout below this support line will push the price further towards 5374.0

FreshForex cancels commissions!

Imelda Maseno
Analyst of «FreshForex» company
See also:
Agree with the review?
Traders' opinion:

Close
Log in

Show password

Hide password

 Forgot password?
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .

Our best awards:

FreshForex is a brand that provides access to online trading for clients from more than 158 countries all over the world. The Company's partners are the licensed European liquidity providers, banks, payment aggregators and systems with which the company has been cooperating for more than 19 years.
Clients must be at least 18 years old to use the services of the Company.
The company's services and information on the site are not intended for citizens and residents of some countries, such as Belgium, China, North Korea, France, Hong Kong, Russian Federation, Spain, Great Britain, USA, and also countries identified by the FATF as high-risk countries or countries with serious AML/CFT deficiencies; countries or regions that are under international sanctions. A complete list is available on the "Countries where the company's services are not provided" page. The Company does not have representative offices in the Russian Federation and does not register clients from the Russian Federation.
Risk Warning: Trading financial instruments with leverage carries high risks and can result in both profits and losses. Potential losses are limited by the deposit amount. Before deciding to trade, the client should assess their risk tolerance, experience, and knowledge level.

Freshforex.com uses cookies for better website operation, traffic flow analysis, and personalization. By using this website you agree to our Cookie Policy.
User Data privacy is protected in accordance with GDPR. The SSL certificate installed on the website transfers the information over a secure protocol.
The site contains links to websites of third parties. The Company does not check or control the third-party resources that are in any way related to the FreshForex site, so the Company is not responsible for any third-party information or materials posted.
By creating a link to a third party website, the Company does not endorse or recommend any products or services offered by the third party.
The website content is intended for informational purposes only. It should not be regarded as an offer or solicitation to any person in any jurisdiction in which such an offer or solicitation is not authorized. It also should not be considered as an offer/solicitation to any person to whom it would be unlawful to make such an offer or solicitation, nor regarded as a recommendation to buy, sell or otherwise deal with any particular currency or any other trading asset investment. If you are not sure about your local trading regulations, please, leave this website immediately.
© 2004—2024 FreshForex – Forex broker
Reproduction of the contents is allowed only with active hyperlink to original source.
Riston Capital Ltd (20623 BC 2012) with registered address at Suite 305, Griffith Corporate Centre, Beachmont, P.O. Box 1510, Kingstown, Saint Vincent and the Grenadines.